Setting up sales tax

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QuickBooks can help you process sales tax for your taxable inventory items. There are several settings where you will need to input information such as your state's tax rate and how often you will pay your tax bill. Once you've specified these details QuickBooks can easily apply sales tax and make it easy for you to pay your taxes. Get a more detailed look at setting up your sales tax in QuickBooks Pro with this online video tutorial.

There's several puzzle pieces that have to be in place in order to process sales tax.…The first thing is your items have to be correctly labeled as taxable or not.…You can double-check that by going into…the Items and Services from the company area.…Double clicking on one of your products and checking the Tax code field.…Make sure each item is taxable.…It has the tax code set to Tax as opposed to non-taxable sales.…Remember you need to…check with your state or jurisdication to make sure you know what's taxable.…You may need to tax all product sales or products…and services or maybe nothing is taxable in your state.…

So, after you've gone through and marked your products correctly, the second step…is to make sure you tell quick books that you charge sales tax.…And we do that by selecting Edit from the top menu…and going all the way down to the bottom and selecting Preferences.…This is going to open up the quick…books Preferences dialog box.…So go near the bottom and select a Sales Tax option.…Check on the Company Preferences tab, and the first thing you need…

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Author

Released

11/19/2013

You don't need to be an accountant to know how to use QuickBooks Pro. Learn how to manage the finances for your small business yourself with the Windows version of this powerful accounting package. Jess Stratton shows how to create a new company file and back it up on a regular basis, and then set up accounts, taxes, and inventory items. Once your accounts are established, learn how to create estimates and purchase orders, send invoices, receive payments, and print checks—all the day-to-day tasks that keep your business running. Finally, learn to set up your payroll, integrate with online banking, find data and run reports, and close the books with end-of-year preparations.